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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: - G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.
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Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Real-time insight of oil & gas markets
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Real time insight of credit markets
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- MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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Free AccessOn Wednesday, Germany........>
GERMAN AUCTION PREVIEW: On Wednesday, Germany sells E3bln of the 10Y bmk, 0.5%
Aug-27
- BACKGROUND: There is a vague correlation between yield level an bid-cover
ratios on the 10Y but yields are 8bp below the 0.48% of the previous auction.
Next week Germany sells 2048 maturity paper and the final 10Y Bund of 2017 is on
6 December.
- RV/HISTORY: Spreads to Germany have compressed significantly in the past weeks
and so it could be argued that German debt offers good value. Also, on the
positive side of the auction ledger is the 115bp 2-10Y spread, the fairly steep
5-10Y spread and the near maximum spread of 16.2bp to the CTD into the bund
contract. There is an ample number of spreads that makes this Bund look cheap.
On the other side, the spread to USTs and also the swap curve looks less
attractive. At the previous 10Y auction, the yield was 0.48%. the 6 auction
average bid-cover ratio is 1.5x (Buba calc) and 1.21x including the retained
amount.
- RESULTS: Auction results are due shortly after bidding close at 1030GMT.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.